Crypto Gains Push Total Market Value Above $ 2 Million

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The market value of cryptocurrencies is doing well these days, surpassing $ 2 trillion as Bitcoin is doing well, Bloomberg reported.

Cardano, XRP and Dogecoin are also doing well, according to Bloomberg.

The cryptocurrency’s market value reached $ 2.06 trillion as of Saturday, August 14, with Bitcoin hitting $ 48,152, its highest level since May 16. Cardano, which is now the third largest crypto, rose 47 percent over the past week. Meanwhile, Binance Coin rose 14%, XRP rose 61% and Dogecoin rose 18%, Bloomberg reported, citing CoinGecko.

The increases in crypto stocks have held up despite losing the industry trying to change crypto tax reporting rules in the United States. The rule, according to Bloomberg, still allows broad oversight of cryptocurrencies.

NYDIG’s global head of research Greg Cipolaro, in a note on Saturday, said the price of Bitcoin is still surprisingly resilient and price action is extremely bullish, according to Bloomberg.

[W]We believe that the recognition of the crypto industry by lawmakers has ultimately been a legitimizing event, which should reassure investors that this industry is here to stay, he said, according to Bloomberg.

In other crypto-related news, Argentina’s President Alberto Fernandez has expressed somewhat cautious support for crypto.

Read more: Argentine President Fernandez cautiously backs Bitcoin

Fernandez plans to launch a central bank digital currency (CBDC), although no serious decision has been made. He said there was caution around bitcoin due to its unknown factor and the volatility of its value had made it somewhat risky over the years. But he said it was still worth considering.

Conversations about the viability of cryptos have been taking place in Central and South America since El Salvador made Bitcoin its legal tender. In Argentina, digital currency could be used as an alternative to the peso, which is declining in value.

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NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

By the way: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, probing 500 executives about the potential and pitfalls that crypto faces as it becomes part of the mainstream financials.

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